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<div width="830%" class ="TITLEFORM">Immovable Property In India</div>
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<p>Notification no FEMA 21/2000 dated 3rd May, 2000 namely Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 covers regulations pertaining to acquisition of immovable property in India by persons resident outside India.</p><br>


<p>A person resident outside India can hold, own, transfer or invest immovable property situated in India if such property was acquired, held or owned by such person when he was a resident in India or inherited from a person who was a resident in India. Some of the noteworthy points pertaining to said Notification are:</p><br>
<p>a)	RBI has provided general permission to NRI and PIO to acquire immovable property in India, other than agricultural land, plantation property and farm house.</p>
<p>b)	Foreign companies who have been permitted to open a Branch or Project Office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such business in India. Said eligibility is not available to entities which are permitted to open Liaison Offices in India.</p><br> 

<p>This section provides Tool (Immovable Property in India) to know:</p><br> 

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-	Eligibility <br>
-	Mode of Payment towards purchase consideration<br>
-	Repatriation of sale proceeds<br>
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<table  class="TBFORM" cellpaddin="3" border="0"><tr><td><p><b>Please note that:</b><br>

i)	This tool does not cover:<br>
&nbsp;&nbsp;&nbsp;a)	Acquisition of immovable property by Foreign embassies/ diplomats, consulate general<br>
&nbsp;&nbsp;&nbsp;b)	Acquisition of immovable property for carrying out permitted activity. <br>

ii)	It is clarified by RBI that reporting requirement in Form IPI is required in case of acquisition of immovable property by a person resident outside India who has established in India a branch, office or other place of business excluding liaison office. In other words, reporting requirement is not applicable for acquisition of immovable property by a person resident outside India who is a citizen of India or PIO acquiring immovable property under general permission in accordance with Regulation 3 and 4 of Notification 21.<br>

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<p>Please use the tool. This is only an effort made to give easy references. Before taking a decision, please cross - check with the relevant regulations or rules, as the case may be and then act upon or you make seek our valuable advice. To contact us for our advice, please click on the below link and fill the required information for us to get back to you. (Only for registered users)</p><br>

<a href="#" onclick="ShowBodyUiApplication('Postyour~IPII')"><u>Query- Immovable Property in India</u></a><br>

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